Luis Suarez on his way to Barcelona in €95 million deal

Liverpool have finalised the terms of a club-record fee with Barcelona for the sale of striker Luis Suarez.

Official talks began over a week ago and were productive from the start with the Catalan side agreeing to meet the Uruguay international’s buy-out clause, believed to be €95 million.

Subsequent negotiations continued over the method of payment as the Reds were interested in taking forward Alexis Sanchez as a makeweight in the deal but with the Chile international having signed for Arsenal on Thursday it became a straight cash transaction.

The finer details of how exactly that is to be paid have now been hammered out and Suarez, currently serving a four-month ban for biting Italy's Giorgio Chiellini at the World Cup, is likely to be confirmed as a Barcelona player next week.

"Liverpool FC confirms that Luis Suarez will be leaving the club after a transfer agreement was reached with FC Barcelona. The player now has permission to complete the usual formalities, which will then conclude the transfer," said a statement,

"We would like to thank Luis for his contribution and the role he played in helping bring Champions League football back to Anfield.

“Everyone at Liverpool Football Club wishes Luis and his family well for the future.”

Suarez said it had always been a dream and ambition of his to play in Spain and he asked fans to understand his decision.

“It is with a heavy heart that I leave Liverpool for a new life and new challenges in Spain,” said the 27-year-old, whose move to Barcelona takes him closer to his wife Sofia’s family.

“Both me and my family have fallen in love with this club and with the city but most of all I have fallen in love with the incredible fans.

“You have always supported me and we, as a family, will never forget it, we will always be Liverpool supporters.

“I hope you can all understand why I have made this decision. This club did all they could to get me to stay, but playing and living in Spain, where my wife’s family live, is a lifelong dream and ambition. I believe now the timing is right.

“I wish Brendan Rodgers and the team well for the future. The club is in great hands and I’m sure will be successful again next season.

“I am very proud I have played my part in helping to return Liverpool to the elite of the Premier League and in particular back into the Champions League.

“Thank you again for some great moments and memories. You’ll Never Walk Alone.”